Marijuana industry takes a further step towards respectability as US
Government gives banks permission to do business with cannabis companies

The Federal Government has issued guidelines to banks wanting to work with companies dealing in marijuana as the number of states legalising the drug increases.

New guidance issued by the US justice department and Financial Crimes Enforcement Network says that criminal prosecution is unlikely.

Two states – Colorado and Washington – have legalised the recreational use of cannabis and others are expected to follow as the groundswell for a change in the law grows with campaigns underway in Arizona, California and Oregon.

In addition, 20 other states, including New York, allow the use of cannabis for therapeutic purposes.

Analysts believe that there will be big money to be made from the drug as legalisation spreads.